Daily Market ReviewMarket Review was generated at 09.30 GMT+2 on Friday 24th of February 2016 By Michalis Markides

General Market NewsThe highlight from the US overnight was Treasury Secretary Steve Mnuchin’s interview where he talked about the tax reform bill being passed in the summer of this year. He made no promise on the boarder adjustment tax (BAT) which is seen as a bullish USD policy. US stocks had a quiet session ending flat, this despite UST yields declining 2.37% and a weaker USD. Shares in Asia lost ground Friday as dovish signals from the U.S. Federal Reserve weakened the dollar, with possible consequences for the competitiveness of Asian exports. The Nikkei Stock Average NIK, -0.45% was down 0.2% with the S&P/ASX 200 XJO, -0.79% off 0.7%. Hong Kong’s Hang Seng Index HSI, -0.40% was down 0.5%. Super Retail, Mayne Pharma reports earnings. Graincorp holds its annual shareholders meet. JC Penney posts earnings in USand Pearsons are among those releasing results in UK. Royal Bank of Scotland has reported a £7bn annual loss as legacy issues continued to dog its performance in 2016. Litigation costs, restructuring charges and other issues all contributed to the bank's ninth consecutive annual loss. RBS set aside £5.9bn for conduct costs, including provisions for the US fine over mortgage-backed securities. RBS - which is 72%-owned by taxpayers - is also planning cost savings, which will mean job cuts and branch closures.Forex NewsThe AUD/USD pair caught some fresh bids near 0.7700 handle and jumped to fresh session peak, turning positive for the third consecutive session. Comments from RBA Governor Phillip Lowe dampened expectations of further interest rate cut action by the central bank and extended support to the major. Moreover, positive sentiment surrounding commodity space, especially copper prices, further boosted demand for commodity-linked currencies, including the Aussie. The dollar was slightly higher against the yen in rangebound Asian trade Friday, with weakness in Tokyo stocks weighing on the greenback's upside and moderating gains earlier from dip buying. The central parity rate of the Chinese currency, the renminbi or the yuan, strengthened on Friday for the second consecutive day against the US dollar on the back of a string of upbeat economic data and a weakening greenback.

Metals and Commodities NewsGold prices held steady on Friday near three-and-a-half-month highs hit in the previous session amid the tempered expectation of a US rate hike in March and as investors awaited clarity on President Donald Trump’s economic policy. Meanwhile, silver rose 0.2% to $18.20/oz, near a three-and-a-half-month high of $18.22 touched in the previous session. Silver was on track to end the week up about 1%, its ninth consecutive weekly gain. Platinum edged up 0.1% to $1,007%, while palladium rose 0.2% to $774.25. Crude-oil prices moderated in Asia Friday as investors took profits following gains of over 1% during the New York session. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at $54.33 a barrel at 0224 GMT, down $0.12 in the Globex electronic session. April Brent crude on London's ICE Futures exchange fell $0.11 to $56.47 a barrel. Overnight, oil prices got a boost from the U.S. Energy Information Administration's data that showed crude stockpiles there grew less than expected last week.

Gold prices rose after Treasury Secretary Steven Mnuchin said new Trump administration policies will probably have limited impact in 2017. That struck at the so-called “Trump trade”, a thesis built on the premise that on-coming expansionary fiscal policy will be inflationary and force the Fed into a steeper rate hike cycle. The US Dollar fell alongside benchmark Treasury bond yields as

Mr Mnuchin’s comments crossed the wires, boosting the relative appeal of anti-fiat and non-interest bearing assets including the yellow metal. Gold also benefitted from safe-haven demand amid mildly cautious trading sentiment surrounding equity markets. In absence of any major market moving economic releases on Friday, persistent US Dollar selling should continue boosting

the yellow metal further towards testing the very important 200-day SMA hurdle.

Name S3 S2 S1 Pivot Points R1 R2 R3EUR/USD 1.0484 1.0510 1.0545 1.0571 1.0606 1.0632 1.0667

USD/JPY 111.31 111.92 112.25 112.86 113.19 113.80 114.13

GBP/USD 1.2329 1.2377 1.2466 1.2514 1.2603 1.2651 1.2740

USD/CHF 0.9966 1.0008 1.0035 1.0077 1.0104 1.0146 1.0173

USD/CAD 1.2975 1.3028 1.3066 1.3119 1.3157 1.3210 1.3248

EUR/JPY 118.03 118.51 118.83 119.31 119.63 120.11 120.43

AUD/USD 0.7590 0.7626 0.7671 0.7707 0.7752 0.7788 0.7833

NZD/USD 0.7108 0.7140 0.7184 0.7216 0.7260 0.7292 0.7336

EUR/GBP 0.8315 0.8366 0.8397 0.8448 0.8479 0.8530 0.8561

EUR/CHF 1.0577 1.0607 1.0627 1.0657 1.0677 1.0707 1.0727

GBP/CHF 1.2472 1.2512 1.2573 1.2613 1.2674 1.2714 1.2775

GBP/JPY 139.76 140.18 140.78 141.20 141.80 142.22 142.82

Gold 1226.56 1231.33 1240.76 1245.53 1254.96 1259.73 1269.16

Silver 17.673 17.799 17.958 18.084 18.243 18.369 18.528

Brent Oil 55.00 55.59 56.08 56.67 57.16 57.75 58.24

Crude Oil 52.83 53.35 53.90 54.42 54.97 55.49 56.04

Daily Support and Resistance LevelsDate Time

(GMT)Cur. Impact Event

FriFeb 24

9:30am GBP Low BBA Mortgage Approvals

1:30pm CAD High CPI m/m

1:30pm CAD Medium Common CPI y/y

1:30pm CAD Medium Median CPI y/y

1:30pm CAD Medium Trimmed CPI y/y

1:30pm CAD Low Core CPI m/m

3:00pm USD Medium New Home Sales

3:00pm USD Medium Revised UoM Consumer Sentiment

3:00pm USD Low Revised UoM Inflation Expectations

Economic Calendar

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